Question

Imagine the company that you work for borrows $12,000,000 at 8% interest, and the loan is to be paid in seven years according to the schedule shown. Determine the amount of the last payment.
Year Amount
1 $1,000,000
2 $1,000,000
3 $1,000,000
4 $1,000,000
5 $1,000,000
6 $1,000,000
7 $?

Answer

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